Pyramid Saimira forms Rs 12k crore SPV with Baderwals Infraprojects

New Delhi, Mar 29 (UNI) Pyramid Saimira Theatre Ltd today tied-up with land bank and integrated realty group Baderwals Infraprojects to set up a Special Purpose Vehicle (SPV) at Rs 12,000 crore for construction of 200 malls-cum-multiplexes in the next four years.

One of India's largest theatre chains has also announced plans to raise 150 million dollars through issue of equity in overseas markets to fund its expansion plans.

The company has signed major expansion deals for development of theatre chains, malls, multiplexes, promotion of content funds.

In the said SPV -- Baderwals Pyramid Development Pvt Ltd -- Pyramid Saimira will hold the 49 per cent stake while the rest will be held by the latter.

The project includes construction of 200 shopping complexes, multiplexes, budget hotels, malls, hyper market primarily across northern India.

The proposed foreign currency convertible bonds (FCCB) issue will also fund organic and in-organic expansion in the film exhibition and distribution business.

The members of the company will meet on April 19 to consider the fund raising scheme.

Pyramid Saimira Theatre is also mulling investment in Pyramid Saimira Theatre Chain Malaysia, Mallplex Pvt Ltd, Pyramid Saimira Productions Ltd and Pyramid Saimira Content Fund Management Co Pvt Ltd.

The shareholders permission under Section 372 (A) is being sought for investment to the companies.

An approval for enhancing the borrowing limit of the Board Rs 1,500 crore from Rs 500 crore will also be sought at the meeting.

UNI